13F 申報指南13F 觀念全攻略
什麼是 SEC Form 13F 申報？美股機構大戶持股全攻略
完整解讀 Form 13F 申報規範、1 億美元門檻與 45 天延遲申報機制，學會如何追蹤頂級對沖基金與機構法人持倉動向。
AlphaSMO 權威研究指南閱讀專題
CIK: 0001137429
申報總市值
US$4.2億
US$4.2億
219 檔
14.9%
Q4 2025 季度申報顯示，White Pine Capital LLC 揭露的美股組合總市值為 US$4.2億，涵蓋 219 個不同之權益投資部位。
White Pine Capital LLC 在 Q4 2025 進行了結構性的板塊輪動與部位換股。在開立 2 個全新部位及加碼 21 檔持股的同時，亦同步清倉 7 檔並減碼 19 檔標的。
檢視投資組合結構，前 5 大主力部位（包含 MMM, MSFT, AAPL）占據了總市值的 14.9%，展現出該機構在 Q4 2025 的重點資金聚焦與風險分佈特徵。
僅顯示前 200 大持股（共 219 檔）
| # | 代號 | 標的名稱 | 資產子類別 | 佔比 | 佔比變動 | 持倉量變化 | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MMM | 3m Co | 股票-工業 | 4.31% | -0.13% | — | |
| 2 | MSFT | Microsoft CORP | 股票-科技 | 4.08% | -0.43% | +0.91% | |
| 3 | AAPL | Apple Inc | 股票-科技 | 3.88% | -0.06% | -0.79% | |
| 4 | IVV | Ishares Core S&p 500 ETF | ETF-大型股與成長 | 2.84% | +0.14% | -0.90% | |
| 5 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 2.27% | +0.20% | -1.45% | |
| 6 | AXTI | Axt Inc | 股票-其他 | 1.87% | -0.99% | -42.36% | |
| 7 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股與成長 | 1.86% | +0.05% | -0.15% | |
| 8 | AMZN | Amazon.com Inc | 股票-循環性消費 | 1.86% | +0.01% | +1.15% | |
| 9 | JPM | Jpmorgan Chase & Co | 股票-金融 | 1.71% | -0.06% | -0.23% | |
| 10 | GE | General Electric | 股票-工業 | 1.67% | +0.20% | -0.04% | |
| 11 | GLD | Spdr Gold Shares | ETF-避險與商品 | 1.55% | -0.47% | -0.59% | |
| 12 | V | Visa Inc-class A Shares | 股票-金融 | 1.48% | -0.03% | +3.48% | |
| 13 | JNJ | Johnson & Johnson | 股票-醫療保健 | 1.48% | -0.18% | +0.02% | |
| 14 | WMT | Walmart Inc | 股票-非循環性消費 | 1.33% | -0.31% | +0.22% | |
| 15 | FLOT | Ishares Floating Rate Bond E | ETF-其他 | 1.32% | -0.43% | -1.29% | |
| 16 | PFF | Ishares Preferred & Income S | ETF-其他 | 1.26% | -0.20% | +2.50% | |
| 17 | NVDA | Nvidia CORP | 股票-科技 | 1.24% | +0.03% | +13.60% | |
| 18 | IBM | Intl Business Machines CORP | 股票-科技 | 1.18% | -0.01% | -0.87% | |
| 19 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 1.16% | — | -0.04% | |
| 20 | WFC | Wells Fargo & Co | 股票-金融 | 1.13% | -0.09% | +4.81% | |
| 21 | CECO | Ceco Environmental CORP | 股票-其他 | 1.06% | +0.27% | -1.51% | |
| 22 | ATRO | Astronics CORP | 股票-其他 | 1.06% | +0.02% | -1.61% | |
| 23 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 1.01% | -0.10% | +0.02% | |
| 24 | SXI | Standex International CORP | 股票-其他 | 0.90% | +0.20% | -0.58% | |
| 25 | SPYD | Ss Spdr P S&p 500 Hi Div ETF | ETF-大型股與成長 | 0.88% | -0.08% | +11.81% | |
| 26 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 0.83% | -0.11% | +1.31% | |
| 27 | TRV | Travelers Cos Inc/the | 股票-金融 | 0.82% | -0.04% | — | |
| 28 | ADTN | Adtran Holdings Inc | 股票-其他 | 0.81% | -0.32% | +47.75% | |
| 29 | EFA | Ishares Msci Eafe ETF | ETF-其他 | 0.81% | -0.06% | +7.66% | |
| 30 | CVX | Chevron CORP | 股票-能源 | 0.81% | -0.42% | +0.13% | |
| 31 | EMR | Emerson Electric Co | 股票-工業 | 0.80% | -0.04% | -0.27% | |
| 32 | MS | Morgan Stanley | 股票-金融 | 0.76% | +0.06% | -0.19% | |
| 33 | ECL | Ecolab Inc | 股票-原物料 | 0.74% | -0.08% | -0.14% | |
| 34 | AMD | Advanced Micro Devices | 股票-科技 | 0.73% | +0.99% | +0.25% | |
| 35 | RDNT | Radnet Inc | 股票-醫療保健 | 0.73% | -0.05% | -1.53% | |
| 36 | GENI | Genius Sports Limited | 股票-其他 | 0.73% | +0.39% | -1.81% | |
| 37 | PEP | Pepsico Inc | 股票-非循環性消費 | 0.70% | -0.19% | +1.62% | |
| 38 | EQIX | Equinix Inc | 股票-房地產 | 0.69% | -0.08% | +1.81% | |
| 39 | C | Citigroup Inc | 股票-金融 | 0.68% | +0.05% | +0.76% | |
| 40 | ABT | Abbott Laboratories | 股票-醫療保健 | 0.67% | -0.13% | +0.13% | |
| 41 | BAC | Bank Of America CORP | 股票-金融 | 0.65% | +0.01% | -0.24% | |
| 42 | XOM | Exxon Mobil CORP | 股票-能源 | 0.65% | -0.34% | +5.99% | |
| 43 | CSCO | Cisco Systems Inc | 股票-科技 | 0.63% | +0.36% | +0.07% | |
| 44 | RJF | Raymond James Financial Inc | 股票-金融 | 0.63% | -0.08% | -0.15% | |
| 45 | INDB | Independent Bank Corp/ma | 股票-其他 | 0.61% | +0.12% | +17.79% | |
| 46 | PGX | Invesco Preferred ETF | ETF-其他 | 0.61% | -0.09% | +3.02% | |
| 47 | ORCL | Oracle CORP | 股票-科技 | 0.61% | -0.04% | +0.01% | |
| 48 | HON | Honeywell International Inc | 股票-工業 | 0.60% | — | -0.03% | |
| 49 | T | At&t Inc | 股票-通訊服務 | 0.59% | -0.27% | +0.03% | |
| 50 | WNEB | Western New England Bancorp | 股票-其他 | 0.57% | -0.05% | -2.17% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | AXTI | Axt Inc | +0.9% | -42.36% | 減碼 |
| 2 | GOOGL | Alphabet Inc-cl A | +0.4% | -1.45% | 減碼 |
| 3 | VELO | Velo3d Inc | +0.4% | -3.39% | 減碼 |
| 4 | ARLO | Arlo Technologies Inc | +0.3% | +239.82% | 加碼 |
| 5 | AAOI | Applied Optoelectronics Inc | +0.2% | +184.33% | 加碼 |
| 6 | GOOG | Alphabet Inc-cl C | +0.2% | -0.04% | 減碼 |
| 7 | FLL | Full House Resorts Inc | +0.2% | +151.25% | 加碼 |
| 8 | MXL | Maxlinear Inc | +0.2% | +84.53% | 加碼 |
| 9 | ADTN | Adtran Holdings Inc | +0.2% | +47.75% | 加碼 |
| 10 | ANGO | Angiodynamics Inc | +0.2% | +43.17% | 加碼 |
| 11 | NEO | Neogenomics Inc | +0.2% | +11.78% | 加碼 |
| 12 | NEAR | Ishares Sh Dba ETF Usd Inc | +0.2% | +56.13% | 加碼 |
| 13 | MRK | Merck & Co. Inc. | +0.2% | +0.02% | 加碼 |
| 14 | KRNY | Kearny Financial Corp/md | +0.2% | +43.39% | 加碼 |
| 15 | AXGN | Axogen Inc | +0.2% | -1.94% | 減碼 |
| 16 | AMD | Advanced Micro Devices | +0.2% | +0.25% | 加碼 |
| 17 | WFC | Wells Fargo & Co | +0.1% | +4.81% | 加碼 |
| 18 | ATRO | Astronics CORP | +0.1% | -1.61% | 減碼 |
| 19 | NVDA | Nvidia CORP | +0.1% | +13.60% | 加碼 |
| 20 | JNJ | Johnson & Johnson | +0.1% | +0.02% | 加碼 |
| 21 | CECO | Ceco Environmental CORP | +0.1% | -1.51% | 減碼 |
| 22 | INDB | Independent Bank Corp/ma | +0.1% | +17.79% | 加碼 |
| 23 | KRMD | Koru Medical Systems Inc | +0.1% | -1.91% | 減碼 |
| 24 | IGSB | Ishares 1-5y Inv Grade CORP | +0.1% | +36.95% | 加碼 |
| 25 | GLD | Spdr Gold Shares | +0.1% | -0.59% | 減碼 |
| 26 | VIAV | Viavi Solutions Inc | +0.1% | -2.12% | 減碼 |
| 27 | PSTL | Postal Realty Trust Inc- A | +0.1% | +33.09% | 加碼 |
| 28 | AAPL | Apple Inc | +0.1% | -0.79% | 減碼 |
| 29 | WMT | Walmart Inc | +0.1% | +0.22% | 加碼 |
| 30 | AMZN | Amazon.com Inc | 0% | +1.15% | 加碼 |
| 31 | MMM | 3m Co | 0% | — | 不變 |
| 32 | TLS | Telos Corporation | -0.1% | -2.93% | 減碼 |
| 33 | GENI | Genius Sports Limited | -0.1% | -1.81% | 減碼 |
| 34 | KVUE | Kenvue Inc | -0.2% | -60.38% | 減碼 |
| 35 | UUUU | Energy Fuels Inc | -0.2% | -27.92% | 減碼 |
| 36 | KHC | Kraft Heinz Co/the | -0.2% | -25.70% | 減碼 |
| 37 | GIS | General Mills Inc | -0.2% | -48.84% | 減碼 |
| 38 | ORCL | Oracle CORP | -0.3% | +0.01% | 加碼 |
| 39 | RBBN | Ribbon Communications Inc | -0.3% | -95.57% | 減碼 |
| 40 | MSFT | Microsoft CORP | -0.4% | +0.91% | 加碼 |
| 41 | XEFRX | Eaton Vance Sr Fltg Rate Tr | -0.9% | -79.06% | 減碼 |
| 42 | RIOT | Riot Platforms Inc | — | EXIT | 清倉 |
| 43 | AVNW | Aviat Networks Inc | — | EXIT | 清倉 |
| 44 | AOUT | American Outdoor Brands Inc | — | EXIT | 清倉 |
| 45 | AVBC | Avidia Bancorp Inc | — | NEW | 新建倉 |
| 46 | TRNS | Transcat Inc | — | EXIT | 清倉 |
| 47 | RSSS | Research Solutions Inc | — | EXIT | 清倉 |
| 48 | LITE | Lumentum Holdings Inc | — | NEW | 新建倉 |
| 49 | TITN | Titan Machinery Inc | — | EXIT | 清倉 |
| 50 | KOPN | Kopin CORP | — | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，White Pine Capital LLC 在 Q4 2025 季度的美股持倉總市值約為 US$4.2億，共申報了 219 個公開持股部位。
在 Q4 2025 季度，White Pine Capital LLC 按市值排列的前三大核心持股分別為：MMM (4.3%)、MSFT (4.1%)、AAPL (3.9%)。其中最大持股部位 MMM 佔據整體投資組合約 4.3% 的權重。
精選 AlphaSMO 大戶持股與內部人交易深度分析，提升投資決策勝率
完整解讀 Form 13F 申報規範、1 億美元門檻與 45 天延遲申報機制，學會如何追蹤頂級對沖基金與機構法人持倉動向。
本季最大新建倉標的
AVBC
市值: US$54.1萬
本季最大獲利了結 / 清倉標的
RIOT
前期市值: US$196.6萬
在 Q4 2025 季度中，White Pine Capital LLC 共進行了 49 項持倉異動，包含新建倉 2 個部位、加碼 21 個部位、減碼 19 個部位以及清倉 7 個部位。 其中最大新建倉標的為 AVBC。 本季清倉部位包含 RIOT。
本頁面所有持股數據均直接同步自美國證券交易委員會（SEC）EDGAR 官方系統之 13F-HR / 13F-HR/A 季度申報文件。AlphaSMO 透過機器解析 CUSIP 與個股對照，提供 100% 精準對齊的歷史時序數據集，並支援 Schema.org 結構化資料格式。
解析公司高管、董事與 10% 大股東之 Form 4 內部人交易申報，掌握高管自家股票買賣第一手訊號。
深入剖析 5% 股益申報門檻、13D 與 13G 之差異，以及最新 SEC 申報時程規範，洞察機構法人的激進投資動向。